Multiple Chinese authorities issued a stark warning about illegal fundraising attempts claiming affiliation with the cryptocurrency industry in a bulletin Friday, August 24.
Sounding the alarm on “lawless entities” attempting to amass funds “using the banner of ‘financial innovation’ and ‘blockchain’” and distributing “so-called ‘virtual currency,’ ‘virtual assets’ and ‘digital assets,’” the document urges the public to be “rational” about blockchain-related information.